Consolidated Edison Enters $700 million Credit Agreement

Consolidated Edison Company of New York, Inc. (CECONY), a subsidiary of Consolidated Edison, Inc., recently announced its entry into a substantial financial agreement. On November 25, 2024, CECONY finalized a $700 million 364-Day Senior Unsecured Delayed Draw Term Loan Credit Agreement. The agreement, dated the same day, involves CECONY as the borrower, various lenders, U.S. Bank National Association serving as the Administrative Agent, and U.S. Bank National Association along with PNC Capital Markets LLC acting as Joint Lead Arrangers and Bookrunners.

Under the terms of the agreement, CECONY accessed $500 million on the day of signing for general corporate purposes. The Credit Agreement allows for additional loans, with the Lenders committed until February 23, 2025, to provide up to $200 million more, subject to specific conditions. CECONY retains the option to prepay any term loans before maturity, with any further borrowed funds earmarked for general corporate utilization.

The Lenders’ commitments are reliant on conditions ensuring no default event or circumstances that could lead to default with respect to CECONY. Provisions allow the termination of commitments and immediate repayment of loans in case of a change of control within CECONY or its parent company, Consolidated Edison, Inc., or in the event of a default.

Default scenarios under the agreement include exceeding a consolidated debt to total capital ratio, substantial liens on assets, failure to meet financial obligations, acceleration of debt maturity, and other standardized events. The full Credit Agreement is available as an exhibit to the report for comprehensive reference.

Incorporated in the filings are forward-looking statements that are subject to change based on various factors, as disclosed in previous reports submitted by Con Edison and CECONY to the Securities and Exchange Commission.

The financial filing also includes an Exhibit detailing the $700 million Credit Agreement along with an Interactive Data File. Both Consolidated Edison, Inc. and Consolidated Edison Company of New York, Inc. signed the report, represented by Joseph Miller, Vice President, Controller, and Chief Accounting Officer, on November 25, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Consolidated Edison’s 8K filing here.

About Consolidated Edison

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.7 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,530 customers in parts of Manhattan.